This is where collaboration tools come into play. Some software allows advisors to collaborate online with other professionals or staff in the office. Such programs can allow one staff member to construct a financial plan and then pass it on to the senior advisor for review and edits, and then it could be passed back again with new ideas, scenarios. This eliminates the time an advisor would take in printing out a "test" plan to sit down with and go over, which would require new data or changes. The manual edit process might require several versions. It is time-consuming and could lead to confusion over which version is the right one to use with the client.
Check to see if your software offers a collaboration feature. If not, there are stand-alone products available. Some firms use free services, such as Google Docs (www.docs.google.com) or Microsoft Office Live (www.officelive.com). Others choose more robust solutions such as Family Office Network (www.familyofficenetwork.com).
A relatively new entrant in the collaboration space is a name from the past: IBM's Lotus. The company's Lotus Live (www.lotuslive.com) offers a full suite of collaboration tools designed to allow advisors to work within and outside their firms (collaborating with affiliated professionals, and/or with clients). With Lotus Live, you can meet online, share files, chat, manage projects and network with potential clients, anywhere, anytime. Whether you work remotely, manage remote teams or just need one simple place to bring colleagues together, Lotus Live delivers collaboration solutions in a securely designed environment. At $10 per user per month, it's also a cost-effective solution.
If used properly, such collaboration programs used in concert with paperless document management can help you substantially increase the efficiency and profitability of your financial practice.
David L. Lawrence, RFC, ChFE, AIF, is a practice efficiency consultant and is president of EfficientPractice.com, a practice consulting firm based in San Diego, Calif. (www.efficientpractice.com). The Efficient Practice offers an advisor network and a monthly newsletter.